Magnus Financial Group LLC Has $824,000 Stake in Ready Capital Co. (NYSE:RC)

Magnus Financial Group LLC trimmed its stake in Ready Capital Co. (NYSE:RC) by 25.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,355 shares of the real estate investment trust’s stock after selling 27,149 shares during the quarter. Magnus Financial Group LLC’s holdings in Ready Capital were worth $824,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Northern Trust Corp lifted its stake in shares of Ready Capital by 0.4% in the 3rd quarter. Northern Trust Corp now owns 2,037,068 shares of the real estate investment trust’s stock valued at $20,595,000 after purchasing an additional 7,610 shares during the period. Invesco Ltd. lifted its stake in Ready Capital by 4.2% in the third quarter. Invesco Ltd. now owns 1,756,701 shares of the real estate investment trust’s stock valued at $17,760,000 after purchasing an additional 70,476 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Ready Capital by 0.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,593,919 shares of the real estate investment trust’s stock worth $16,115,000 after acquiring an additional 7,769 shares in the last quarter. Ramsey Quantitative Systems bought a new position in Ready Capital in the third quarter valued at $12,473,000. Finally, Washington Trust Bank grew its stake in shares of Ready Capital by 1.2% during the third quarter. Washington Trust Bank now owns 1,228,607 shares of the real estate investment trust’s stock valued at $12,421,000 after buying an additional 14,992 shares during the last quarter. 55.87% of the stock is owned by institutional investors and hedge funds.

Ready Capital Trading Up 1.7 %

Shares of NYSE:RC opened at $8.85 on Monday. The company’s fifty day simple moving average is $8.80 and its 200 day simple moving average is $9.57. Ready Capital Co. has a 12 month low of $8.25 and a 12 month high of $11.97. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 3.78 and a beta of 1.40. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.44.

Ready Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.20 annualized dividend and a dividend yield of 13.56%. Ready Capital’s dividend payout ratio is currently 51.28%.

Insider Activity

In related news, Director Kevin M. Luebbers purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were bought at an average price of $8.43 per share, with a total value of $42,150.00. Following the acquisition, the director now owns 119,925 shares of the company’s stock, valued at approximately $1,010,967.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Kevin M. Luebbers acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was purchased at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the acquisition, the director now owns 119,925 shares of the company’s stock, valued at $1,010,967.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gilbert E. Nathan bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were bought at an average price of $8.65 per share, with a total value of $86,500.00. Following the completion of the acquisition, the director now directly owns 83,099 shares in the company, valued at $718,806.35. The disclosure for this purchase can be found here. Insiders bought a total of 17,150 shares of company stock worth $148,280 in the last three months. Company insiders own 0.95% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $8.00 price target (down previously from $10.00) on shares of Ready Capital in a research report on Monday, March 4th. B. Riley reissued a “buy” rating and set a $12.00 price target (down previously from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. StockNews.com cut shares of Ready Capital from a “buy” rating to a “hold” rating in a report on Monday, March 4th. UBS Group dropped their target price on Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 20th. Finally, BTIG Research lowered their price target on Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ready Capital has an average rating of “Hold” and an average price target of $10.93.

About Ready Capital

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.